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Economic Development

Economic Development

Miami-Dade County continues to expand its economy led by its two largest economic engines: Miami International Airport and PortMiami. We are becoming one of the top global communities in international trade and commerce, along with economic production. In fact, our county’s Gross Regional Product (GRP) grew 2.7 percent from 2014 to $142 billion. Miami-Dade County is a premiere global community to live and invest in, and continues enhancing entrepreneurships and activities that reduce socio-economic disparity while improving the quality of life for all residents.

As of November 2016, the labor market continued to show strong steady trends. In fact, the number of unemployed residents decreased by over 10 percent year-over-year while the number employed increased by 1 percent. That means there are 7,800 less persons unemployed as of November 2016 when compared to November 2015. Year-over-year, private employment in the County (regardless of where the worker lives) was up 1.8 percent.

Mayor Carlos A. Gimenez, in partnership with CareerSource South Florida and Neighbors and Neighbors Association’s, celebrated the second anniversary of the Employ Miami-Dade program in December 2016. The program has trained more than 640 residents and placed over 560 residents in jobs as a result of a job referral in one of these targeted industries—construction, culinary management and hospitality and tourism management.

Miami International Airport (MIA) and Brussels Airport signed an agreement in July 2016 to create a first-ever international pharmaceutical air hub association, with the goal of building a network of airports dedicated to growing the global pharma industry. Strategic members who have since joined the association are Singapore Changi Airport, Sharjah International Airport, Brussels Airlines, Singapore Airlines and Brinks Life Sciences.

Already the busiest port of entry in America for international air freight, MIA will soon be able to receive perishable freight imports by sea as well – a first for any Florida airport – through a permit approved in September 2016 by the U.S. Department of Agriculture (USDA). The first ocean-to-air trans-shipment is expected at MIA in January 2017.

Port Miami is Miami-Dade County’s second largest economic engine, contributing approximately $27 billion and supporting more than 207,000 jobs in South Florida.

The Office of Economic Development and International Trade in the Department of Regulatory and Economic Resources (RER) supported a total of 44 inbound missions during fiscal year 2015-2016. These include 16 from Latin America and the Caribbean, 14 from Europe, six from the Middle East, four from Asia, three from Africa, and one from Canada, further solidifying our position as the “Gateway to the America’s.”

RER is also proactive in seeking business and trade opportunities around the world through outbound missions, which included China and Taiwan in 2016. The mission was the largest-ever delegation of 33 for a County foreign mission comprised of 25 private sector participants and eight public sector participants and a total of 40 business meetings and contacts. During the mission the Miami-Dade contingent conducted branding workshops to promote the County's attributes and unique assets, in the first ever Miami Dade County investment symposium in China—attended by over 100 participants, and met with representatives of airlines and maritime shipping to discuss direct air service and expansion of shipping services between Asia and Miami-Dade County.

The median sale price of a single family home was up 10 percent year over year as of September 2016, while the median sale price of a condo or townhouse was up 9 percent during the same time period.

Also, through the end of 2015, average household incomes for Miami-Dade residents increased 4 percent year over year and is up 15 percent over five years.

The Office of Film and Entertainment (FILM) launched the Production Assistant Sign-Up Program to match entertainment productions to those interested in entry level Production Assistant positions to provide support to crews working on movies, TV shows, commercials, music videos and other productions. This initiative is an effort to keep young talent in Miami-Dade County and grow the production base in the film and entertainment industry. FILM attracted and assisted over 700 film/photo/digital media productions and approximately $160 million was directly spent on permitted productions, associated with supporting over 12,000 jobs, booking over 16,000 hotel room nights and generating positive press that helps to increase tourism.

Water and Sewer Department’s Capital Improvement Program is an economic engine that will create 16,470 new jobs during its first 10 years. The program will increase service capacity supporting more businesses to open in the community and improve the reliability and sustainability of the water and sewer system. During the first decade alone, $24.9 billion will be generated in economic activity within Miami-Dade County.

During FY 2015-16, the Internal Services Department (ISD) certified and recertified 1,561 firms (393 new and 1,168 re-certified firms) in the County’s Small Business Enterprise (SBE) and the Federal Disadvantaged Business Enterprise Program. Additionally, of the 1,561 firms, SBD has issued 2,537 certifications in the various programs such as Construction, Architectural and Engineering (A&E), and Goods and Services. During the same period eight firms graduated from the Programs.

ISD recovered $345,358 in underpaid wages for 441 employees on County Contracts.

ISD continues to review contracts to identify opportunities for small business enterprises, assigning small business measures when applicable. As a result of ISD’s efforts, during FY 2015-16, the County has approved $549,902,990 in small business measures.

In FY 2015-16 ISD issued $367,667,124 worth of contracts in construction, most of which were issued to contractors certified as Community Small Business Enterprise firms.

During FY 2015-16, the County continued to exceed its minimum requirement of small business participation on construction contracts by awarding over $115 million or 24.5% to small business through set-asides and small business goals.

ISD provided training to 170 firms on to assist small businesses, wage and workforce requirements.

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